News - Cybercrime costs UK retailers over £200 million a year

[HEXUS]

Biggest losses through customers abandoning transactions due to security.

Read more.

[Funkstar]

So if I am reading this right, there is a "loss" attributed to people deciding no to bother buying these goods "securely" online. Surely a good portion of these missed transactions will be conducted in a more traditional way, like in a shop. So how is that a "loss" for the retail industry? Or was the transaction made with an easier to use retailer, like Amazon? Again, not a loss to the retail industry.

Everything seems to hit the retail industry. If it's a bit wet, they "loose money". If it's a little too sunny they "loose money". Surely this money is being spent on other things, so in reality the industry as a whole hasn't lost money, just those selling flip flops or umberellas at the wrong time. Perhaps they need to consolidate, sell both then when one bottoms out the other is booming!!

[kalniel]

If I read that right, it's wrong to conclude the loss is anything to do with people not bothering. It's more that people's transactions were rejected by the stores own security mechanisms - delivery to an unapproved address, or forgetting your verified by visa password etc.

But yes, agree with the above, this isn't much of a 'loss' as they will presumably get it another way.

[bridges009]

'Verified by Visa' is a fiasco. It refuses to work for me and has caused my card to be cancelled recently. I now avoid sites that use it so I'm not surprised it causes losses.